The spread between the buying and selling price of gold bars is maintained by businesses at 2 million VND per tael.
Prices for 24K gold rings and jewelry have surprisingly continued to reach new highs. SJC Company listed the buying price of gold rings at 81.5 million VND/ounce and the selling price at 83 million VND/ounce.
Phu Nhuan Jewelry Company (PNJ) is selling gold rings at 83.3 million VND/ounce, but the buying price has increased to 82.5 million VND/ounce. Similarly, Bao Tin Minh Chau Company is trading plain gold rings at a buying price of 82.54 million VND/ounce and a selling price of 83.44 million VND/ounce. Some gold shops are buying 24K gold rings of all types at up to 83 million VND/ounce.
Gold expert Tran Duy Phuong said that the high price of gold rings, repeatedly reaching new highs, has boosted demand for gold from the market. Some forecasts that world gold prices will soon reach $2,800-$3,000 per ounce have also triggered renewed buying, especially of gold rings. However, the scarcity of supply has pushed gold ring prices even higher, attracting buyer interest at this time, especially since gold ring prices fluctuate closely with world prices, while SJC gold bars are listed and priced daily by the State Bank of Vietnam.
While the price of SJC gold bars has remained stable for the past week, the price of gold rings has continuously set new records. Photo: LAM GIANG
"Despite increased demand, major gold companies have been running out of gold rings for months. People who want to buy them are finding it very difficult, with limitations on the quantity they can purchase at a time. Smaller gold shops are also driving up the price of gold rings," Mr. Phuong said.
For many years, the State Bank of Vietnam has not licensed businesses to import raw gold through official channels. In addition, the police have dismantled many gold smuggling rings, resulting in a severe shortage of raw gold on the market. Regarding SJC gold bars, some experts believe the price may continue to rise, but this will depend on government policy.
Mr. Huynh Trung Khanh, senior advisor to the World Gold Council in Vietnam, said that recent reports from many international financial institutions predict that gold prices will continue to rise, therefore domestic gold prices cannot "stand aside". However, because domestic gold prices are not linked to world prices and businesses are not yet allowed to import raw gold to produce SJC gold bars and gold rings, the extent of fluctuations will be difficult to predict.
Source: https://nld.com.vn/bat-ngo-gia-vang-nhan-196240927205449436.htm
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